MIRA INFORM REPORT

Report No. :	347703
Report Date :	02.11.2015

IDENTIFICATION DETAILS

Name :	NEW GEM S.P.A.

Registered Office :	ViaFilippo Turati, 41, 20082 - Binasco (MI) -IT-

Country :	Italy

Financials (as on) :	31.12.2014

Date of Incorporation :	05.02.1990

Legal Form :	Joint Stock Company

Line of Business :	Wholesale of Clocks, Watches and Jewellery

No. of Employees :	From 6 to 10

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

ITALY - ECONOMIC OVERVIEW

Italy has a diversified economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 132% of GDP in 2014, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.

Source : CIA

Company Name & address

NEW GEM S.P.A.

Via Filippo Turati, 41

20082 - Binasco (MI) -IT-

Summary

Fiscal Code	:	01440770061
Legal Form	:	Joint stock company
start of Activities	:	05/02/1990
Equity	:	2.500.000
Turnover Range	:	10.000.000/12.750.000
Number of Employees	:	fom 6 to 10

Activity

Wholesale of clocks, watches and jewellery

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01440770061

Chamber of Commerce no. : 161983 of Alessandria since 22/05/1990

Chamber of Commerce no. : 1708426 of Milano since 11/03/2003

Firms' Register : AL003-12974 of Alessandria since 19/02/1996

Firms' Register : MI-2003-63380 of Milano since 11/03/2003

V.A.T. Code : 01440770061

Establishment date	: 05/02/1990
Start of Activities	: 05/02/1990
Legal duration	: 31/12/2050
Nominal Capital	: 1.800.000
Subscribed Capital	: 1.800.000
Paid up Capital	: 1.800.000

Legal mail :

NEWGEMSPA@PEC.IT

Members

Wogerbauer

Johann

Born in Milano

(MI)

on 21/09/1961

- Fiscal Code : WGRJNN61P21F205S

Residence:

Campania

, 31

- 20133

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	31/01/2013

No Prejudicial events are reported

No Protests registered

Luca Gems S.a.

Position	Since	Shares Amount	% Ownership
Partner

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

Wogerbauer

Johann

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Valgem S.a.s. Di Avraham Shaul E C.	Valenza (AL) - IT -	01258400066	Limited Partner	Withdrawn	Ceased
Wogerbauer Johann	Milano (MI) - IT -	WGRJNN61P21F205S	Proprietor	Withdrawn	Registered

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Wogerbauer Johann	Milano - IT -	WGRJNN61P21F205S	900.000 .Eur	50,00
DELPINO SIMONE ALESSANDRO		DLPSNL83S27F205Q	275.000 .Eur	15,27
Luca Gems S.a.			625.000 .Eur	34,72

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Fin.or.val. - Societa' Finanziaria Immob iliare Per Il Centro Commerciale Ora	Valenza - IT -	00925330060	8.372 .Eur	0,28			Active
I Preziosi Del Delfino Societa' A Respon Sabilita' Limitata	Roma - IT -	06200771001	2.040 .Eur	20,00			Active

Firm's location and structure

In order to carry out its activities the firm uses the following locations:

Legal and operative seat

Filippo Turati

, 41

- 20082

- Binasco

(MI)

- IT -

Legal mail

: NEWGEMSPA@PEC.IT

Branch

(Branch)

since 18/02/2003

Gramsci

, 12G

- 15048

- Valenza

(AL)

- IT -

PHONE

: 0131945885

FAX

: 0131947885

Employees

: 9

Fittings and Equipment for a value of 2.000

Eur

Stocks for a value of 570.000

Eur

The firm has a direct commercial organization

The firm operates abroad as importer..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Import comes generally from the following nations:

- France

Protests

Protests checking on the subject firm has given a negative result.

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
UNICREDIT BANCA SPA	VALENZA	VIALE DANTE 13	15048	Valenza (AL)	2008	48680

Financial and Economical Analysis

Company's starting of activities dates back to 1990.

An eco-fin analysis has been made on the base od the b/s fo the years 2012, 2013 and 2014.

Under the financial profile unstable results are noted. anyway in 2014 a positive result was achieved (r.o.e. 10,43%). The turnover is growing in the last financial year (+8,22%).

The operating result was positive in the last financial year (11,37%) and in line with the sector's average.

The amount of the operating result is equal to Eur. 946.813 showing an upward trend 37,82% compared to the previous financial year.

During the latest financial year the gross operating margin amounted to Eur. 1.021.110 showing a 37,6% growth.

The analysis shows a fair financial position as the indebtedness volume is acceptable (2,36) but with an increase as against the previous accounting period.

With regard to equity capital, an amount of Eur. 2.062.829 is registered. on the same levels as the year before.

During the last financial year debts totalled Eur. 6.134.423 (Eur. 335.932 of which were m/l term debts) with a growth equal to 44,14%.

Moderate recourse to bank credit while the exposure towards suppliers is rather high besides being higher than sector's average.

It shows a good range of liquidity.

Trade credits are collected slowly, average term is 174,88 days. and higher than the average of the sector.

Eur. 289.364 is the value of cash flow during the year 2014

Labour cost expenses amount to Eur. 300.677 , representing 2,55% on the total of production costs. , whereas the incidence on sales revenues is of 2,37%.

Financial charges have a high incidence (-4,76%) on turnover figures.

Financial Data